Can You Transfer Money from a Credit Card? A Complete Guide

If you've ever wondered, "Can you transfer money from a credit card?", the short answer is yes—but it depends on how you do it. While credit cards are primarily designed for purchases, there are ways to transfer money to a bank account, another card, or even withdraw cash. However, fees and interest rates can vary widely. In this guide, we’ll break down your options and the best ways to transfer money from a credit card.

How to Transfer Money from a Credit Card

There are several ways to move money from a credit card, each with its own costs and benefits.

1. Cash Advance (Quick but Expensive)

A cash advance allows you to withdraw cash from an ATM or bank using your credit card.

• How it works: You insert your credit card into an ATM, enter your PIN, and withdraw money—just like a debit card.

• Pros: Instant access to cash.

• Cons: High cash advance fees (usually 3-5%) and high interest rates (often 20-30% APR) that start accruing immediately.

Best for: Emergencies when you need cash and have no other options.

2. Balance Transfer (Good for Paying Off Debt)

A balance transfer allows you to move debt from one credit card to another, ideally with a 0% intro APR offer.

• How it works: Apply for a credit card with a 0% balance transfer offer, then request to move an existing credit card balance to the new card.

• Pros: Can help consolidate debt and reduce interest payments.

• Cons: Balance transfer fees (usually 3-5%) and time limits on the 0% offer.

Best for: Paying off credit card debt at a lower interest rate.

3. Money Transfer to a Bank Account

Some financial institutions and money transfer services allow you to send money from a credit card directly to a bank account.

• How it works: Use a service like PayPal, Venmo, Western Union, or your bank’s app to transfer money.

• Pros: Convenient way to send money.

• Cons: Often includes a transaction fee (around 3%) and may be treated as a cash advance with high interest.

Best for: When you need funds in a bank account but can’t use a credit card directly.

4. Using Curve Wallet to Move Transactions Between Cards

One of the smartest ways to optimize money movement from a credit card is by linking it to a Curve Wallet. This gives you extra flexibility with your credit.

• "Go Back in Time" Feature: Move a past transaction from one credit card to another.

• Eliminate Foreign Transaction Fees: Pay abroad with a credit card and avoid extra charges.

• Earn Extra Cashback: Stack Curve’s cashback with your credit card rewards.

Best for: People looking to maximize rewards and reduce foreign transaction fees while having more control over credit card payments.

Is It a Good Idea to Transfer Money from a Credit Card?

Transferring money from a credit card can be useful, but it’s not always the best option. Consider these pros and cons:

✅ Good Reasons to Transfer Money from a Credit Card:

• Using a 0% balance transfer to pay off debt more cheaply.

• Moving transactions between credit cards for better rewards.

• Paying in an emergency when no other funds are available.

❌ When It’s a Bad Idea:

• Using a cash advance (high fees and interest from day one).

• Transferring money frequently (costs add up over time).

• Using a credit card for regular expenses without a plan to repay it.

Final Thoughts

So, can you transfer money from a credit card? Yes, but you need to be strategic. Whether it’s a cash advance, balance transfer, or a Curve Wallet transaction, each method has different costs and benefits. If you’re looking to maximize rewards, avoid fees, and manage your credit efficiently, consider using a Curve Wallet to move money between cards without the usual drawbacks.

Thinking about transferring money from a credit card? Make sure you understand the fees involved and choose the method that works best for your financial situation!